Dubai - Mubasher: The Dubai Financial Market has announced that Emirates NBD’s right issue is set to be tradable on the exchange between 3 and 14 November 2019.
Each of the bank’s shareholders will receive one right for every 7.3242 shares they owned and held on 31 October 2019, according to an official statement released on Wednesday.
“The opening price of the rights issue has been set at AED 3.56 based on the bank’s adjusted share price on the market minus the issuing price of the new shares,” the statement added.
The rights issue is subject to all effective trading, clearing, settlement, and commissions regulations in the market.
“The rights issue will be free-floated on its inaugural day only, while price movement will be in line with DFM’s fluctuation range of 15% up and 10% down from day two until the end of the trading period,” DFM revealed.
Subscription to Emirates NBD’s new shares will take place between 10 and 20 November to increase the bank’s capital to AED 6.316 billion through the issuance of 758.8 million shares with an issue price of AED 8.5 per share.
